Former Congressman and Two Others Settle Insider Trading Charges

The Securities and Exchange Commission announced today settlements with former U.S. Rep. Christopher Collins, his son Cameron Collins, and Stephen Zarsky, all of whom were charged with insider trading and pleaded guilty to related criminal charges. The settlements, which are subject to court approval, bar Christopher Collins from serving as an officer or director of a public company and require Cameron Collins and Stephen Zarsky to disgorge the losses they avoided as a result of their insider trading. According to the SEC’s complaint, Christopher Collins tipped his son, who then tipped others to non-public negative trial results for a multiple sclerosis drug developed by Australian biotech company Innate Immunotherapeutics Ltd.